This is one of the scariest phishing scams I've seen yet. Thank goodness the grammar is so shocking (and that I don't actually have an ABSA account), but there are a number of reasons this phishing attempt is particularly impressive.

Dear value Customer,a program as been developed in other to verify the existence of your account with us.
In the cause of this process we developed an online security banking system (SentryBay) to protect your account.
We require you to bear with us online for few minutes and follow the instructions as we will be sending you some sms for the verification purpose and it will be require in other to complete the Activation Program.

Do find an Encryption attachement below and download to begin the program.
================================
NB: Please do not reply to this email directly.
To ensure a prompt and secure response, SIGN ON to email us.
Absa Privacy and Security Department
Copyright (c) 2011
NB:Please do find your download Encryption on your computer inside downloads folder by extreme left on top corner under favorites.

The email comes with an HTML attachment, which is where the mischief really starts to get scary.

Then there's the preparation for the one time password SMS which you need to feed back to them.

And finally, when I go digging into the properties of the email to track back the real sender, the forged portion of the header detail is absolutely brilliantly done. You could easily mistake the actual routing section was just an intermediary.